Pattern Development Expands Into Mexico; Signs JV With CEMEX Energia

(RTTNews) - Pattern Energy Group LP ("Pattern Development") announced it has signed a joint venture agreement with CEMEX Energia, a subsidiary of CEMEX, S.A.B. de C.V. (CX).

The CEMEX Energia/Pattern Development JV envisions advancing development opportunities and acquiring projects from third parties in the early to mid-stages of their development process. The Joint Venture expects to build a portfolio of at least 1,000 MW of renewable energy projects over the next five years.

Recent reforms in Mexican energy laws, including a mandate for 35% of generation to come from clean resources by 2024, create significant opportunities for development of Mexico's substantial wind and solar resources. The development of new wind and solar generation can help meet Mexico's growing demand for electricity, reduce CO2 and other emissions, and help reduce Mexico's high power costs.

Pattern Development's affiliate, Pattern Energy Group Inc. (PEGI, PEG.TO), has the right of first offer (ROFO) to acquire the projects it develops. Pattern Energy maintains a list of identified ROFO projects, which represent near-term acquisition opportunities. The ROFO list represents a portion of Pattern Development's 4,500 MW pipeline of development projects, all of which are subject to Pattern Energy's right of first offer.